Network & Appointments...Network, Network, Network

Last Saturday was an eventful day.  Brian Hayes here in Columbus set up a Saturday BP networking event at Panera Bread from 8 am - 930 am.  Of course I was late, I had no intention on being late but I'm on a cleanse and I had to make my green smoothie in the morning and was slow moving!  LOL!!  It was a great turn out, there were newbies, in betweens and seasoned investors in the room.  I met Tony Stewart and his wife and we live in the same neighborhood, what a small world.  We discussed web presence and marketing ideas.  I had just went to the local COREE meeting on Tuesday so it had been a busy week for real estate education.  

After the BP meeting I had an appointment with my TAX MAN not very fun and then off to an appointment to look at a house.  I wasn't sure if the seller was motivated because he had cancelled once but it was HE who had called me back to schedule.  The house was in Reynoldsburg... 3 bedroom 1 1/2 bath, 3 level split.  He wanted $95-$100K, talked him down to $85 and since the property was paid off we discussed owner financing.  I called my mentor on the phone and he asked how many square feet (1,500) and how much to update the house.  I guesstimated about $10K, he asked how much did I think we could sell the house after updates I thought about $115K.  We opted to discuss if the seller was willing to take some now and get more later and he was.  My coach suggested we come in light with $2,500 at closing, let us fix the house up with the $10k and make payments until the $85K is paid off.  More than likely he will be paid off sooner than later but we will make payments at like 9% say $600/mo until payoff until we sell the house.  

It seemed like the buyer was interested but he put it off that he would need to discuss with his siblings what they thought.  He figured he would need to buy them out and then he could take the payments.  He brought up another house in the area had just been listed with the realtor for $137K, he knew it was a stretch but he talked to someone and they said his house could get $125K.  I didn't want to hurt his feeling too bad but the neighborhood was changing from home owners to renters so the area was declining.  One of his neighbors in the back had so much junk it was an eyesore... I know what your thinking just like I was... are more and more people becoming hoarders?  and WHY IS THAT?

I was a little deflated because I want a deal already!!  but I knew the buyer was asking too much and it didn't leave much room for me to make a profit.  I like my 9-5 but I know that I will not live the life I want at my J-O-B!

The weather is finally thawing out so I plan to put some bandit signs out and send out more letters.

Until next time thanks for reading and your support.  I just want folks to know the real this doesn't happen overnight and the key is persistence.  I know I could be doing more but as in everything there has to be balance.  

I was just thinking..... could I find a buyer for this house and would that be like wholesaling?  LOL... it's 200 am.. I'm just about delirious... goodnight!